World : Argentina to Award More Contracts to Build Renewable Power Generators

Contracts to produce 1,281 megawatts of clean energy would bring the total investment committed to such projects to $4 billion

BUENOS AIRES—Argentine officials on Friday said they would grant more contracts to build renewable power generators, bringing the total investment committed to such projects to $4 billion.

The government plans to award contracts to produce 1,281 megawatts of clean energy through 30 different wind and solar power projects, Juan José Aranguren, Argentina’s energy minister, told a news conference.

“Investors have shown they believe in Argentina,” Mr. Aranguren said.

The projects, which economists say offer the best evidence yet that investors are betting on President Mauricio Macri’s economic policies, will help the country meet its goal of raising clean energy output to 20% of the total power supply by 2025.

Mr. Macri has moved quickly to bolster Argentina’s dilapidated and crisis-prone electric grid and power system since taking office last December. He has also said the country needs to invest in renewable energy to meet Argentina’s commitments under the Paris climate agreement.

In October, the government said it would grant contracts to build 1,109 megawatts of power. Argentina may hold another round of bidding in March, said Friday.

Companies committed to building the clean power generators will have up to 900 days to get the projects operational, officials said.